Broker: CGS International
Date of Report: July 24, 2025

Singapore Market Trendspotter: IREIT Global Signals Upside, Elite UK REIT Demonstrates Resilience

Market Overview: Optimism Rises Amid Global Trade Progress

The global equity markets surged on the back of record-breaking performances, driven by news of the United States clinching a trade agreement with Japan and hopeful advances toward a similar pact with the European Union. These positive developments reduced the demand for safe-haven assets, causing Treasury yields to rise and the US dollar to weaken. The S&P 500 notched all-time highs as investors cheered prospects of a 15% tariff deal for most products between the US and EU.
Key overnight highlights:

• US Treasury 10-year yields climbed four basis points to 4.39% as bond demand softened.
• Japan’s 40-year government bond auction recorded its weakest demand since 2011.
• Alphabet Inc. reported revenue that exceeded forecasts, but capital expenditures were revised higher.
• Tesla Inc. missed Wall Street’s earnings expectations.
• Momentum builds for trade deals ahead of the critical August 1 deadline, fueling a broad-based equity rally.

IREIT Global: Technical Buy Signals the First Leg of Upside

Company Overview: IREIT Global is a real estate investment trust (REIT) specializing in commercial office, retail, logistics, and industrial properties, primarily serving customers in Europe.
Stock Snapshot:

Technical Analysis:

• Breakout Potential: IREIT Global’s recent price action reveals a robust bullish reversal, suggesting the initial phase of a new uptrend.
• Chart Patterns: The stock has broken out from a large falling wedge and a subsequent bullish flag formation, indicating strong upward momentum.
• Ichimoku Indicator: The stock price has closed above all Ichimoku lines, reinforcing the bullish case.
• MACD Indicator: Both the MACD signal and line are moving decisively above the zero mark following a bottom crossover; histogram remains positive.
• Stochastic Oscillator: Ascending and confirming mid-term bullish momentum.
• Rate of Change (ROC): The 23-period ROC is firmly positive.
• Directional Movement Index (DMI): Indicates sustained bullish strength.
• Volume: A healthy expansion in trading volume over the last 10 periods supports the bullish outlook.

Investment Outlook: Investors are advised to consider entry at 0.305 or 0.280, with strong support at 0.280 and 0.234. Stop loss is recommended at 0.220 to manage downside risk. Key resistance levels are set at 0.370 and 0.450, with multiple target prices at 0.370, 0.410, 0.450, and potentially 0.660, reflecting a favorable risk-reward profile for technical traders and medium-term investors.

Elite UK REIT: Ground Checks Affirm Income Resilience

Company Update: Elite UK REIT recently underwent ground checks at its Scottish properties, confirming the trust’s stable and resilient income streams.
Financial Upgrades:

• FY25-27F Distribution Per Unit (DPU) forecasts have been lifted by 1.26% to 3.07%, now expected at 2.98-3.04 pence.
• The Add rating is maintained, with a higher dividend discount model (DDM)-based target price of £0.38.

These upgrades reflect greater confidence in the REIT’s ability to sustain and potentially grow distributions, supported by the solid performance of its underlying assets.

Comprehensive Disclaimer and Distribution Information

This report includes important disclosures regarding distribution restrictions and potential conflicts of interest across multiple jurisdictions. CGS International, its affiliates, and related corporations may hold positions, provide research, and offer investment banking, advisory, or placement services for the companies covered. The research is intended for institutional and professional investors and is not tailored to individual investment objectives.

Stock Ratings and Definitions

Stock Ratings Explained:

• Add: Total return expected to exceed 10% over the next 12 months.
• Hold: Total return expected between 0% and +10% over the next 12 months.
• Reduce: Total return expected to fall below 0% over the next 12 months.

Total return factors in both target price appreciation and forward net dividend yields.
Sector and Country Ratings:

• Overweight: Positive absolute recommendation or above-benchmark weighting advised.
• Neutral: Neutral recommendation or weighting relative to market/benchmark.
• Underweight: Negative recommendation or below-benchmark weighting advised.

Rating Distribution

561 companies under coverage for quarter ended June 30, 2025.

Key Takeaways for Investors

• Global trade optimism is underpinning equity market rallies, with significant technical and fundamental opportunities emerging in selected REITs.
• IREIT Global offers a compelling technical setup for upside participation, supported by bullish indicators and strong volume.
• Elite UK REIT’s income profile remains robust, justifying increased target prices and distribution forecasts.
• Investors should remain aware of jurisdiction-specific restrictions, as well as possible conflicts of interest disclosed by the broker.

This detailed analysis provides actionable insights for investors seeking opportunities in Singapore-listed REITs, with a particular focus on IREIT Global’s technical breakout potential and Elite UK REIT’s resilient fundamentals.